Peregrine Energy Solutions Advances Renewable Efforts with $317 Million Battery Project Funding

Peregrine Energy Solutions Secures $317 Million for Battery Storage

Peregrine Energy Solutions has made headlines with its recent funding closure, securing a substantial $317 million for a utility-scale battery energy storage project. Based in Boulder, Colorado, the company is spearheading initiatives aimed at enhancing clean energy technologies. This financial boost comes from a preferred equity commitment from Bildmore Clean Energy, alongside support from various lenders including First Citizens Bank and Societe Generale, who took the lead in arranging the financing.

Founded in April 2022 by Hagen Lee, Peregrine has rapidly developed a comprehensive pipeline comprising 15 GWh of battery storage across several regions including SPP, MISO, ERCOT, PJM, and WECC. Notably, two projects are currently under construction in Texas, marking significant steps in the company's ambitious growth strategy.

This recent funding achievement follows a series of successful financing rounds throughout the year. In March 2025, Peregrine announced a preferred equity commitment of $53 million from Bildmore and a subsequent bridge financing facility of $115 million secured from First Citizens Bank and Nomura Securities International, supporting the ongoing battery energy storage endeavors. These initiatives have also seen participation from key investors, including a consortium that provided $130 million in capital in October 2025.

Reid Strand, the Senior Vice President of Finance at Peregrine, expressed enthusiasm regarding the progress: “We are thrilled to announce the closing of our second project financing this year. Our continued development across the portfolio would not be possible without the ongoing support from our investors and lenders.”

This sentiment was echoed by David Haug, the CEO of Bildmore Clean Energy, who praised the partnership and commended the innovation and creativity exhibited by Peregrine’s development teams. He stated, “Bildmore is pleased to partner with the Peregrine team again, bringing in preferred equity and bridge financing for another quality ERCOT BESS project.”

The ongoing efforts underscore a significant milestone in Peregrine's journey towards expanding battery storage energy capacity. Mike Lorusso, the Managing Director for First Citizens Bank's Energy Finance Group, noted that this financing arrangement showcased innovative capital structuring designed to support the growing energy needs.

Peregrine Energy Solutions stands out as an integrated multi-technology clean energy platform dedicated to utility-scale energy storage. As a limited liability company formed in Delaware, its mission reflects a commitment to transforming the energy sector through strategic partnerships and innovative approaches.

In addition, AB CarVal, an established alternative investment manager, plays a pivotal role in Peregrine's growth. The firm has invested approximately $155 billion in diverse transactions over several decades, positioning itself as a key player in energy transition investments since 2017. Bildmore, with its focus on utility-scale battery storage and solar projects, further illustrates the collaborative spirit driving these advancements in renewable energy.

Peregrine's success story is also supported by numerous financial institutions such as Societe Generale, which has been integral in fostering relationships with clients to provide essential financial solutions.

In conclusion, the $317 million funding is a clear indicator of the increasing focus on renewable energy solutions and the pivotal role battery storage plays in shaping a sustainable energy future. With continued backing from visionary leaders and strategic financing, Peregrine Energy Solutions is set to make substantial contributions to the clean energy landscape in the years to come.